Supreme Court ban on EPA oversight could affect bitcoin mining
Court Ban on EPA
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Supreme Court ban on EPA oversight could affect bitcoin mining
The Supreme Court on Thursday issued a ruling that limits the ability of environmental protection agencies (EPA) to regulate carbon emissions from power plants, which could impact bitcoin and other cryptocurrency mining operations.
that source their power from fossil fuels. Citing the major questions doctrine, the court said they declined to uphold [the] EPAs claim of unheralded regulatory power over energy plants and that rules need to be specifically mandated by Congress, according to the Supreme Court ruling.
Although not specifically aimed at cryptocurrency mining operations, the Supreme Court's decision limits the EPA's ability to regulate facilities on the orders of President Joe Biden's executive order issued in March to ensure responsible development of digital assets.
One of the executive order’s principal policy objectives is implementing the use of cryptocurrencies in a way that “reduces negative climate impacts and environmental pollution, as may result from some cryptocurrency mining,” and the EPA was included as one of the agencies necessary in enacting actions required under the executive order.
The court’s decision follows a letter sent by House Democrats to the EPA last month calling for “increased oversight” into the environmental impact of cryptocurrencies, which Bitcoin advocates responded to in their own letter to the agency, saying the statement from House members was full of “misconceptions.”
According to a statement posted on its website, DEC's refusal was partly based on the fact that the facility "rather than merely providing energy to the state's electricity grid, ... now primarily serves Greenidge's energy demands." Provides the energy behind the meter to support -intensive proof-of-work cryptocurrency mining operations."
Earlier this year, New York state lawmakers passed a two-year moratorium on crypto mining operations that are powered by fossil fuels and use proof-of-work, a method of verifying blockchain transactions that require large amounts of money. requires computational power in the U.S., but the bill has yet to be signed by state governor Cathy Hochul.
Supreme Court ban could impact bitcoin mining. The ultimate aim of any bitcoin miner is to gain control of your precious bitcoin by solving complex math problem. However, many are unaware that they are actually depleting the environment while trying to do so.